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BTC Price Maintains $80K After Favorable CPI Data, XRP to Get Commodity Status? (Weekly Recap)
In recent times, the cryptocurrency market has been plagued by a series of negative news and events. However, in an unexpected turn of events, it appears that both Bitcoin (BTC) and Ethereum (ETH) have witnessed a significant rally, with BTC’s price maintaining $80,000 and ETH nearing key historical levels.
This upward trajectory is believed to be largely driven by the recent announcement from the US Securities and Exchange Commission (SEC), which has reportedly reconsidered its stance on Ripple’s XRP. According to sources close to the matter, the SEC might reclassify XRP as a commodity instead of a security.
While this development may bring significant relief to holders of XRP, it also highlights the ongoing struggles between regulatory bodies and cryptocurrency markets. Nevertheless, the news has given birth to a new wave of optimism within the space.
Meanwhile, the performance of Bitcoin is noteworthy considering recent market trends. Despite Trump’s focus on ‘short-term pain for long-term gains,’ many experts believe that this approach could ultimately benefit the industry as it encourages investment in long-term projects.
Additionally, significant movements have been observed among large entities and sharks, with some whales accumulating roughly $400 million worth of BTC within a short period as prices dropped at the beginning of the week.
